Estate Tax Planning 2024. For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don’t have to pay estate if their estate is worth $27.22 million or less. The previous limit was $12.92 million in 2023.
Those amounts have increased for 2024, and here are some things to consider with regard to federal estate taxes for 2024 and beyond: Whether you’re obligated to pay estate tax at the state level depends on where you live.
For 2024, The Lifetime Estate And Gift Tax Exemption Will Be $13.61 Million (Or $27.22 Million For Married Couples).
Here’s a summary of the key provisions affecting trust and estate planning:
Understanding Deductions, Exemptions, And Regime Options Can Help Maximize Savings While Ensuring Compliance With Tax Laws.
Whether you’re obligated to pay estate tax at the state level depends on where you live.
“The Irs Has Raised The Lifetime Estate And Gift Tax Exemption To $13.61 Million Per Individual Or $27.22 Million For A Married Couple,” Explains Joseph Fresard, Attorney At Simasko Law In Mount Clements, Mich.
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How To Prepare For Upcoming Estate Tax Law Changes.
No federal estate tax applies unless the value of your estate exceeds the prescribed limit.
For People Who Pass Away In 2024, The Exemption.
For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don’t have to pay estate if their estate is worth $27.22 million or less.